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Azerbaijan considers changing procedure for obtaining banking licenses

Economy Materials 5 June 2023 13:08 (UTC +04:00)
Azerbaijan considers changing procedure for obtaining banking licenses

BAKU, Azerbaijan, June 5. Azerbaijan may change the procedure for obtaining banking licenses, Trend reports.

This is reflected in the proposed amendment to the law "On the Central Bank of the Republic of Azerbaijan", submitted for discussion at today's meeting of the Committee of the Milli Majlis (Parliament) on economic policy, industry, and entrepreneurship.

According to the draft, when considering an application for a banking license and permit, the Central Bank can obtain information about the financial position of the owners of shares and beneficial owners in the bank's capital, about the source of the bank's authorized capital from independent and reliable sources, as well as from relevant government agencies.

There are also changes in the documents attached to the original application.

One of them is that upon obtaining a license, information, and documents are provided on the amount of the proposed authorized capital of the bank, the share of each owner and the source of funds allocated for the acquisition of a share, a list of the heads of its executive bodies and information on their civil immunity if the owner of a significant stake in the bank is a legal entity.

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